https://www.taxtmi.com/caselaws?id=8449 The Madras HC treated the question whether the business in U. G. Krishnaswami Naidu's name was really that of Ramaswami Naidu as one of fact, based on the cumulative circumstances showing a close nexus, including participation in records, contracts, sales instructions, overdraft surety and unsecured transfers. As no error of law or perversity was shown, the benami finding stood and the business was held to belong to Ramaswami Naidu, against the assessees. Once that finding was reached, the protective assessment on Krishnaswami Naidu could not survive. The cancellation of that assessment was therefore upheld in favour of the revenue. en-us Tue, 18 Jan 1972 00:00:00 +0530 Wed, 15 Apr 2009 12:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8449 The Madras HC treated the question whether the business in U. G. Krishnaswami Naidu's name was really that of Ramaswami Naidu as one of fact, based on the cumulative circumstances showing a close nexus, including participation in records, contracts, sales instructions, overdraft surety and unsecured transfers. As no error of law or perversity was shown, the benami finding stood and the business was held to belong to Ramaswami Naidu, against the assessees. Once that finding was reached, the protective assessment on Krishnaswami Naidu could not survive. The cancellation of that assessment was therefore upheld in favour of the revenue. Case-Laws Income Tax Tue, 18 Jan 1972 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8449